Naira Scarcity | NLC Keeps Mum, Nigerians Protest In Delta, Edo, Ondo, Oyo, Police Arrest Nine

Nigerians were thrown into confusion on Tuesday when the Central Bank Governor, Godwin Emefiele, during a visit to the Ministry of Foreign Affairs on Tuesday, to discuss the monetary and currency redesign policy, said, “The situation [Naira scarcity] is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

“There is, therefore, no need to consider any shift from the deadline of February 10."

Emefiele's statement came after Supreme Court had restrained the Federal Government from implementing the February 10 deadline for the currency swap.

As the apex bank keeps mopping up the old notes in circulation without releasing adequate new notes, the situation has become worse than what the CBN governor opined during his address at the Foreign Affairs ministry.

More so, some commercial banks, filling stations, and businesses, upon hearing the CBN governor's assertion on Tuesday, stopped the collection of the old naira notes, even though such action amounted to disobeying court order.

The situation is even worst for elderly citizens who reside in remote areas, have no access to cash for their daily domestic use, and the fact that they can't initiate mobile or internet banking transactions worsen the situation for such elderly people.

As the hardship bites harder, many Nigerian youths took to the street in various states to protest the scarcity and the associated hardship the implementation of the CBN Naira redesign and cashless policy has brought on them.

Youth Protest In Warri, Edo, Ondo, Oyo

Irate youths in Warri, Delta State, on Wednesday, set ablaze two commercial banks in protest against the continued scarcity of the new naira notes coupled with their rejection of the old notes.

The affected banks located in the Orovwohworun area of Udu, Delta State included branches of First Bank of Nigeria and Access Bank.

One of the protesters who would not disclose his identity said, “We are hungry and we are in a cash dilemma. No new naira notes and they are rejecting the old ones. People cannot eat, do business, we are hungry and people are dying and they are still saying politics".

Also in Oyo and Ondo states, some residents barricade roads in protest of the naira scarcity, while in Edo state, a first bank Automated Teller Machine (ATM) was burnt down.

Scores of commercial motorcyclists, also known as okada riders, on Wednesday took to the streets of Akure, the state capital, in protest against the scarcity of the new naira notes while old notes were being rejected by commercial banks.

The okada riders barricaded the Oba Adesida Road at the popular First Bank Roundabout chanting various solidarity songs, causing a traffic logjam on the road for some hours.

All commercial banks located in the area swiftly closed operations for fear of being attacked.

The protest scene was less than 500 metres away from the Akure branch of the Central Bank of Nigeria.

Police Arrest Nine Suspects

Meanwhile, the Delta State Police Command has announced that it has arrested nine suspects in connection to the banks that were burnt in the Udu Local Government Area of the State.

This was made known by the Delta State Police Public Relations Officer, Bright Edafe, on Wednesday via his social media handle.

His tweet reads, “In UDU LGA of Delta State, some unguided youths/miscreants in the name of protest have set two banks and two vehicles ablaze. We have arrested nine suspects so far. Some persons will still call this protest”

Also, a fuel station in the area was torched for rejecting the old notes from residents.

Nigeria Labour Congress (NLC) Unperturbed

Our correspondence spoke with a cross-section of Nigerians who are of the opinion that the situation should have spurred the leaders of the Nigerian Labour Congress to meet the presidency, to express their dissatisfaction and how the policy is affecting their members.

NLC often speaks on issues affecting its members' well-being, but Nigerians are yet to get any reaction from the Labour congress leaders as the situation of naira scarcity has failed to improve.

States Government Provide Relieves

The Lagos and Ogun state government have introduced measures to mitigate the effects of naira scarcity on the citizens by distributing food items, and slashing of bus-fare.

Ogun State Governor Busts Filling Station Hoarding Fuel And Rejecting Old Naira Notes

Four Dead In Benin

At least four persons have lost their lives when violent protests erupted on Wednesday morning in parts of Benin City, the Edo State capital, as angry residents, who could not access their monies in commercial banks, took to the streets.

 

The protesters attempted to break into the State branch of the Central Bank of Nigeria (CBN) located along Akpakpava Street, a commercial nerve centre in Benin City, where most commercial banks are also located.

 

Thereafter, they attacked some commercial banks located in the area.